For Accounts Where Interest Is Compounded Annually, the Amount a Accumulated

question 19

Short Answer

For accounts where interest is compounded annually, the amount A accumulated or due depends on the principal p, interest rate r, and the time t in years according to the formula A = p(1 + r)^t. Find t when A = $994.93, p = $850, and r = 6.5%. Round your answer to the nearest tenth.

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Definitions:

Leathery

Describing a texture that is tough and flexible, similar to that of well-tanned leather, often referring to plant leaves or animal skin.

Vascular Tissue

Specialized tissue in plants that conducts water and nutrients throughout the plant body; includes xylem and phloem.

Xylem

A type of tissue in plants that transports water and some nutrients from the roots to the leaves.

Gymnosperms

Seed-producing plants that bear their seeds directly on the surfaces of cones, differing from flowering plants in their mode of reproduction.